Did you know what is Bitcoin? And how about its transaction. To ask this question the only reason is government decide to take a vote about to prohibition of bitcoin or give permission to it.
For reason behind taking referendum is that creator of ransomware who was hunting computer data of 150 countries asking for money in Bitcoin. Bitcoin is such type of currency that has no real figure in coin or note. In real the transaction is shown in numbers only.
Some facts about Bitcoin
- A large number of coins are running in Internet know as Crypto or Virtual. They are created on the internet, storage on the internet, run on the internet. On the internet, you can buy products of all company who is accepted those coin.
- In 2009 one mysterious group name as Satoshi Nakamoto created this coin.
- There is no control of any moderator on the Bitcoin transaction
- Every user has allocated with one Blockchain which is open by them on one can use it even it is not open to company.
- If you do a regular transaction of Bitcoin then you get interested in it and get new coins.
The price of one Bitcoin is 1,20,000 rupee. If you want to create your account in Bitcoin then you have to add real money to the account of a company which is running Bitcoin. Then a wallet whit your name is created on your mobile, laptop or computer. It is called Blockchain. Blockchain show the amount of Bitcoin credited in the wallet. Also, you are given a password. You have to remember this password. If you forgot this password then no one can get back your money. because only you are the one who knew the password even company can't open your account without a password. Password allocated you is create special symbolic language in the company database. All these symbols are different for different people. the even company doesn't know that which is symbol created for the person. If the transaction is done using this wallet it shows credited money or debited money, but can't show who give this money and where it is come from. If you can't see this detail than what is about for other.
The simple meaning of this is that when you first time buys Bitcoin is your last entry of your money after this no one can find where is your money or where are going it like magic. For this reason, cyber terrorists need money in this format.
formerly where banks offer such confidentiality to their customer's terrorists suggests those bank account number. One guess is that at the time of demonetization, the large number of Indian people take advantage of this facility of Bitcoin because the price of Bitcoin is double in last six months otherwise before six months the price of Bitcoin was 60,000 rupee only. On the 23-may-2017 the price of one Bitcoin was 1,74,000.
After understanding this risk government decides to trash this business. so the government needs to take the referendum. expert in computer networking and blockchain suggest that at the time of the transaction of Bitcoin some type of KYC are needed.
At that time government doesn't put such system.
Thanks for a very interesting blog. What else may I get that kind of info written in such a perfect approach.
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